Following a significant upswing in July, the price of Ripple’s XRP cryptocurrency has been experiencing a rollercoaster ride for the past three months. The price surge was triggered by a court ruling in favor of Ripple by Judge Analisa Torress in a case against the United States Securities and Exchange Commission (SEC). The court determined that XRP sold on the secondary market does not constitute an investment contract, news that was perceived as extremely positive by the market.
However, since this peak, XRP has seen a downward trend, currently trading at around $0.51. This recent price action has prompted numerous analysts to offer their projections. A popular cryptocurrency analyst, Shannon Thorp, predicted earlier in September that XRP’s price could increase to $500 in the future. This bullish prognosis is based on the potential growth of the cross-border payments market value, which could reach up to $250 trillion in the next four years.
Another expert, EGRAG CRYPTO, outlined a potential target for XRP’s price at $7. According to this analyst, the next significant hurdles for XRP will be $0.80 and $1.3.
CryptoPotato contacted well-known technical analyst Duo Nine for further insight. He stated that XRP has been on a major pennant formation since 2018, which is likely to break in early to mid-2024. To escape from the pennant and attempt a new all-time high (ATH), the price would have to move to $1.3. The most important resistance levels are $0.87, $2, and $3.3 (ATH). As long as XRP stays above $0.45 (current support), bulls have the upper hand.
In other news, Ripple won a landmark decision against the SEC this summer when a federal judge ruled its sale of XRP tokens did not, in most cases, amount to a securities offering. The ruling marked a significant victory for both the company and the crypto industry. However, Ripple’s legal expenses, which CEO Brad Garlinghouse revealed were over $100 million in July 2022, have since doubled due to the high cost of litigation.
Despite this victory, Ripple views Asia as a more favorable environment for the company’s future growth plans. While U.S. companies like Coinbase (NASDAQ:COIN) and Ripple have hinted at relocating their operations due to the hostile regulatory environment, such moves are unlikely given the size of the U.S. market and New York’s role as a global financial capital.
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